- Binance has integrated the Toncoin network and Tether.
- However, despite these updates, the price of TON has fallen on the charts.
Binance has officially announced the integration of Tether into the Toncoin (TON) network. This integration will allow users to deposit and withdraw USDT directly from Telegram-related blockchains, known for fast transaction speeds and low fees.
Binance and Tether have joined hands.
This integration represents a strategic win for both parties. Binance strengthens its multi-chain offering by integrating the world’s leading stablecoin, USDT. USDT’s stability and massive liquidity gives it significant value to the TON network, given its position as the largest stablecoin by market capitalization.
Users can take advantage of TON while enjoying smooth transactions and asset management features of USDT.
Source: Binance
Additionally, Binance’s plans are consistent with its commitment to fostering a diverse blockchain ecosystem. By integrating TON, Binance provides users with a wider range of options for digital asset management.
To ensure a smooth transition, Binance has provided a dedicated deposit address and smart contract details for TON of USDT.
Some issues for TON in the future
It is worth noting here that this integration takes place against the backdrop of expected regulatory changes within the European Economic Area (EEA). Uphold’s recent decision to delist several stablecoins, including USDT, in anticipation of the upcoming MiCA regulations is a good example.
Binance’s adoption of TON can be seen as a strategic move to navigate the evolving regulatory environment.
However, despite these updates, the price of TON did not increase significantly. Last week, the price of TON fell 7.11%. The price drop was significant enough to change the overall trend of TON’s price movement. If the market continues to move like this, TON could suffer significant hemorrhage.
AMBCrypto’s analysis of Santiment’s data shows that network growth around TON has also decreased significantly over the past few days, indicating a decline in the number of new addresses interacting with TON tokens. TON’s transaction speed also decreased. This is a sign that the frequency of TON movement has decreased.
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If new addresses continue to lose interest and speeds continue to decline, hopes for a turnaround for TON may diminish further.
Source: Santiment